SIX Swiss Exchange plans to upgrade its trading platform during Q1 2012 after extending its technology deal with exchange group Nasdaq OMX.
The Swiss bourse will migrate from its existing SWXess equities trading platform to Nasdaq OMX's new X-stream INET technology, which it claims will offer significant latency and throughput advantages for trading members across asset classes.
SIX Swiss Exchange will be the first exchange to migrate to the new technology, which Nasdaq OMX claims combines the benefits of its separate INET and X-stream platforms. SWXess is already based on X-stream.
“X-stream INET leverages the functional capabilities of X-stream, but adds a much faster base infrastructure with INET's speed and performance,” Lars Ottersgard, senior vice president, Nasdaq OMX market technology, told theTRADEnews.com.
Ottersgard added that the platform has latency below 100 microseconds, but noted that speed and capacity levels vary depending on individual installations.
“We have a number of markets in the pipeline across the globe that intend to implement X-stream INET, including one that has already signed up,” said Ottersgard. “Some smaller markets do not necessarily need high-performance technology today, but it will definitely secure the future for them.”
Current markets using the original version of X-stream include Egypt, Dubai, Indonesia and the Philippines. Inter-dealer broker ICAP also uses X-stream for its i-Swap over-the-counter interest rate swap platform.
“We have always believed that a high-performance and multi-functional trading platform remains a key differentiator to attract new liquidity and through this upgrade to X-stream INET we are setting a new standard,” said SIX Swiss Exchange CEO Christian Katz.